# Robustness: Lagged Demographics → Innovation

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| C1: Z_lag5 → R&D | rd_expenditure_gdp | 827 | 47 | 0.286 |
| C2: ΔZ → R&D | rd_expenditure_gdp | 827 | 47 | -0.011 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| C1: Z_lag5 → R&D | Z_1_lag5 | 0.2748 | 1.0334 | 0.7904 |  |
| C1: Z_lag5 → R&D | Z_2_lag5 | -0.0325 | 0.1528 | 0.8314 |  |
| C1: Z_lag5 → R&D | Z_3_lag5 | 0.0030 | 0.0062 | 0.6285 |  |
| C2: ΔZ → R&D | d_Z_1 | -1.2432 | 1.5222 | 0.4143 |  |
| C2: ΔZ → R&D | d_Z_2 | -0.0875 | 0.1847 | 0.6359 |  |
| C2: ΔZ → R&D | d_Z_3 | 0.0106 | 0.0077 | 0.1689 |  |

*Lagged and first-differenced demographics*